Securities and Exchange of Board of India (SEBI) is a statutory body established under the SEBI Act, 1992 to protect the interests of investors in securities and to promote the development of, and to regulate the securities market
.
Redressal of investor grievances is one of the key components of SEBI’s efforts to protect the interests of investors in securities.
Investor Grievances There will be occasions when an investor has
a complaint against ,a listed company or an intermediary registered with SEBI. In the event of such complaint,the investor should first approach the concerned company/ intermediary against whom there is a complaint.
Sometimes the response received may not be satisfactory Therefore, investors should know as to which authority they should approach, to get their complaint s redressed
.
Whom to approach for complaint against Stock brokers / Depository Participants?
Investors who are not satisfied with the response to their grievances received from the brokers / Depository Participants / listed companies, can lodge their grievances with the Stock Exchanges or Depositories. The grievance can be lodged at any of the offices of the BSE / NSE located at Chennai, Mumbai, Kolkata and New Delhi.
In case of unsatisfactory redressal, BSE / NSE has designated Investor Grievance Redressal Committees (IGRCs) , or Regional Investor Complaints Resolution Committees (RICRC) ,this forum acts as a mediator to resolve the claims, disputes and differences between entities and complainants.
Stock Exchanges provide a standard format to the complainant for referring the matter to IGRC / RICRC. The committee calls for the parties and acts as a nodal point to resolve the grievances. For any detailed information ,please visit the website of the respective stock exchange
.
If the grievance is still not resolved, an investor can file arbitration under the Rules, Bye laws and Regulations of the respective Stock Exchange / Depository.
How investor complaints are handled in SEBI?
SEBI has a dedicated department viz., Office of Investor Assistance and Education (OIAE) to receive investor grievances and to provide assistance to investors by way of education.
Investors who are not satisfied with the response to their grievances received from the Stock Exchanges/Depositories can lodge their grievances with SEBI
.
Grievances pertaining to stock brokers and depository participants are taken up with Respective stock exchange and depository for redressal and monitored by SEBI through periodic reports obtained from them. Grievances pertaining to other intermediaries are taken up with them directly for redressal and are continuously monitored by SEBI.
Grievances against listed company are taken up with the respective listed company and are continuously monitored.
The company is required to respond in prescribed format in the form of Action Taken Report (ATR). Upon the receipt of ATR, the status of grievances is updated. Where the response of the company is insufficient / inadequate, follow up action is initiated.
If the progress of redressal of investor grievances by an entity, is not satisfactory, appropriate enforcement actions (adjudication, direction, prosecution etc) are initiated against such entity What are the types of complaints handled by SEBI?
Complaints arising out of activities that are covered under SEBI Act, 1992; Securities Contract Regulation Act, 1956 ;Depositories Act
, 1996 and Rules and Regulations made there under and provisions that are covered under Section 55A of Companies Act, 1956
Are handled by SEBI Entities against which complaints are handled by SEBI: Listed companies Stock Brokers / Sub- brokers Stock Exchanges
Depository Depository Participants Registrars to an Issue / Share Transfer Agent Mutual Funds
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